Answer :
Final answer:
To calculate the total interest Randy will pay on his [tex]$35,000 student loan with a 5.2% fixed interest rate compounded monthly for 20 years, use the formula for compound interest.
Explanation:
Randy has a $[/tex]35,000 student loan with a fixed interest rate of 5.2% compounded monthly for 20 years. To calculate the total interest Randy will pay, we use the formula for compound interest:
A = P(1 + r/n)^(nt)
where A is the amount including interest, P is the principal amount, r is the annual interest rate, n is the number of times that interest is compounded per year, and t is the time in years.
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